Global energy trader Mercuria has teamed up with two private equity firms to set up a renewable energy fund in the United States, its chief executive told the FT Global Commodities Summit, Reuters reported.
“A few months ago, we joined forces with a private equity firm to invest in the renewables space in North America. It’s a $1.5 billion fund,” CEO Marco Dunand said.
The fund, Broad Reach Power, is backed by Mercuria, EnCap Investments and Yorktown Partners, a spokeswoman for Mercuria said.
Dunand added that 50 percent of the Geneva-based firm’s new investments would be in renewable energy over the next five years.
Reporting by Julia Payne; editing by Louise Heavens and Jason Neely
